Chase Savings Account Rates
When considering a Chase savings account, it’s important to note that their rates tend to fall below the national average and lag behind high-yield options. Additionally, there are monthly fees attached unless specific criteria are met for fee waivers.
Established over 220 years ago in New York City, Chase Bank stands as the largest financial institution in the US, boasting 4,700 branches and 16,000 ATMs, offering a wide range of financial products, including two savings account choices, various deposit accounts, credit cards, and financing options.
### Chase Savings Account Interest Rates
| Account Name | APY Range | Monthly Fee |
|---|---|---|
| Chase Savings | 0.01% | $5 |
| Chase Premier Savings | 0.01%–0.02% | $25 |
Chase’s savings rates are location-specific, with variations across different ZIP codes. The provided APYs are based on the NYC ZIP code 10001.
To qualify for the upper end of the APY range with the Chase Premier Savings account, known as the “relationship rate,” customers must connect a Chase Premier Plus Checking or Chase Sapphire Checking account, and conduct a minimum of five eligible transactions monthly to boost their savings account’s APY.
Compare Chase Savings Account Rates
Chase’s savings account rates fall notably below the national average. For individuals seeking accelerated savings growth, exploring alternative accounts with more competitive APYs is advisable.
### Chase Savings Accounts: Key Features
| Chase Savings Account | Key Features |
|---|---|
| APY Range | 0.01% |
| Minimum Balance to Earn Highest APY | $0.01 |
| Monthly Service Fee | $5 |
Despite the monthly fees associated with Chase’s savings accounts, customers have pathways to qualify for fee waivers. By meeting specific criteria, you can avoid the $5 or $25 monthly fees.
The $5 monthly fee for the Chase Savings Account can be waived if you maintain a $300 minimum daily balance, set up $25 in automatic transfers, link a Chase College Checking account, or have specific checking accounts linked.
Similarly, the $25 monthly fee for the Chase Premier Savings Account can be bypassed by maintaining a $15,000 minimum daily balance or linking specific Chase checking accounts.
Chase’s savings accounts now offer limitless withdrawals, granting customers the freedom to make numerous withdrawals each month without incurring charges.
Pros and Cons of Chase Savings Accounts
#### Pros
- No minimum deposit requirements: Chase’s savings accounts don’t impose minimum deposit obligations.
- Doesn’t charge excess withdrawal fees: Previously instituted withdrawal fees have been discontinued.
- Easy access to funds: Instant transfers and access through Chase ATMs and branches enhance convenience.
#### Cons
- Below-average interest rates: Chase’s rates may not stack up against higher-yield alternatives.
- Monthly fees: While waivable, the presence of monthly fees may deter some customers.
- No additional features: Chase’s savings accounts lack certain features offered by other financial institutions.
### About Chase: Other Savings Options
Chase, as a leading US bank, presents an array of financial services, boasting numerous in-person branches and extensive ATM availability. In addition to savings accounts, Chase offers credit card options and bank account bonuses.
In addition to savings accounts, Chase also offers fixed-rate certificates of deposit (CDs) for customers seeking alternative deposit solutions. Various CD terms and rates are available to suit different financial preferences.
Alternatives to Chase Savings Accounts
#### Online Savings Account
Online savings accounts offer features like automated savings and goal tracking. For instance, SoFi’s account allows rounding up of purchases to boost savings.
#### High-Yield Savings Account
Numerous online and traditional banks provide high-yield savings accounts with notably higher APYs than Chase’s offerings.
#### Money Market Account
Combining aspects of checking and savings accounts, money market accounts offer balance growth potential along with easy access to funds.
#### CD
Certificates of deposit offer fixed rate returns over set terms, providing higher yields but with withdrawal penalties for early access.
#### U.S. Treasuries and I Bonds
Saver’s may also consider U.S. Treasury bonds, offering secure investments with potential for returns that keep pace with inflation.
### Frequently Asked Questions (FAQs)
### Is There a Minimum Balance Requirement for Chase Savings Accounts?
Chase Savings Accounts do not have a minimum balance requirement for opening an account, but to avoid monthly fees, specific criteria must be met for fee waivers. Free banking services are available at certain institutions.
### Why Is Chase Savings Interest So Low?
Traditional banks like Chase carry higher operational costs, which impact their ability to offer high interest rates. Additionally, holding sufficient deposits may reduce the incentive to compete with higher yield options.
### How Do You Open a Chase Savings Account?
Opening a Chase savings account can be done at a local branch or online, with swift application processing. Provide necessary personal details and identification for verification.
### Are Chase Savings Accounts FDIC-Insured?
Yes, all Chase Bank deposits are protected by FDIC insurance, safeguarding deposits up to $250,000 in the event of a bank failure.
### Does Chase Have a High-Yield Savings Account?
Chase does not currently offer a high-yield savings account option, focusing instead on other banking services. Explore high-yield alternatives for competitive APY rates.
### How Often Do Chase Savings Accounts Pay Interest?
Chase Bank compounds and credits interest monthly to customers’ accounts, aligning with monthly interest payouts.
Your Guide to Savings Accounts
- What Is a Savings Account and How Does It Work?
- What Is a High-Yield Savings Account?
- How to Open a High-Yield Savings Account
- How to Close a Savings Account
- Besides a Savings Account, Where Is the Safest Place to Keep My Money?
- How Many Savings Accounts Should I Have?
- How Savings Account Interest Rates Are Determined
- How Interest Works on Savings Accounts
- How Is a Savings Account Taxed?
- Money Market Fund vs. MMA vs. Savings Account: What’s the Difference?
- Certificates of Deposit (CDs) vs. Savings Accounts: Which Is Better for You?
- 4 Savings Accounts for Investors
- Best High-Yield Savings Accounts
- Best Free Savings Accounts
- Best Savings Accounts for Kids and Teens